Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-shares show strong resilience and stage a phased stabilization and rebound. After the quarterly reports, the A-share market is in a repricing adjustment, with trading sentiment cold and the direction unclear. It is recommended to wait and see [2]. - The overall market sentiment has improved. It is expected that the bond interest rate fluctuation range will generally decline. The short-term fluctuation range of the active 10-year treasury bond 250016.IB may be between 1.75% - 1.8%. The capital supply is loosening, and treasury bond futures are fluctuating narrowly. The restart of the central bank's treasury bond trading has strengthened the interest rate ceiling and the bottom of treasury bond futures. It is recommended to go long on dips for the unilateral strategy and pay attention to the positive arbitrage strategy due to the rising IRR [2]. - The short-term international gold price has stabilized at $3900 (¥900) and is mainly in a sideways consolidation trend, with an operating range of $3900 - $4030. Silver follows the gold price and fluctuates between $47 - $49 [2]. - The container shipping index (European line) EC main contract is oscillating upward. It is recommended to go long on dips for the December contract [2]. - For the steel market, the iron element supply for the January contract is abundant. It is advisable to hold a long position in coking coal and a short position in hot-rolled coils. For iron ore, with shipping volume declining, arrivals increasing, port inventory rising, and pig iron production dropping significantly, the iron ore price has retreated after a surge. It is recommended to wait and see for the unilateral strategy, with a reference range of 760 - 810, and an arbitrage strategy of long coking coal and short iron ore. For coking coal, the local coal price is strong, and the Mongolian coal price is firm. Although steel mills' production cuts are negative for restocking demand, it is recommended to go long on dips for the January 2601 contract, with a reference range of 1200 - 1350, and an arbitrage strategy of long coking coal and short coke. For coke, with the third round of price increases by mainstream coke enterprises implemented and coking coal providing cost support, it is recommended to go long on dips for the January 2601 contract, with a reference range of 1700 - 1850, and an arbitrage strategy of long coking coal and short coke [2]. - The strong US dollar index suppresses the copper price. The main contract should pay attention to the support level around 84000 and the resistance level around 86500. The aluminum price is restricted by fundamentals and has retreated after a surge. The main contract reference range is 20800 - 21600. The aluminum alloy price has weak spot trading at high prices and continuous tight raw material supply, with a main contract reference range of 20400 - 21000. The zinc price is oscillating at a high level due to concerns about the LME zinc squeeze, with a main contract reference range of 22300 - 23000. The tin price has declined due to macro negative factors, and it is recommended to hold existing long positions and go long on dips. The nickel price has little fundamental change and is under macro pressure, maintaining a weak oscillation, with a main contract reference range of 118000 - 124000. The stainless steel price is maintaining a weak operation, with the macro driving force weakening and fundamentals still under pressure, and the main contract reference range is 12500 - 13000 [2]. - For the chemical market, the PX rebound space is limited due to weak supply - demand expectations and limited cost support. It is recommended to reduce long positions above 6600 and try to narrow the PX - SC spread. The PTA rebound space is also limited for similar reasons. It is recommended to reduce long positions above 4600 and treat the TA1 - 5 spread as a rolling reverse arbitrage. The short - fiber price is under pressure to rebound due to limited cost support, with a similar strategy to PTA, and the disk processing fee is expected to oscillate between 800 - 1100, and it is advisable to narrow the spread on highs. The bottle - chip supply - demand pattern remains loose in November, and its price and processing fee follow the cost side. The strategy is similar to PTA, and the main contract disk processing fee is expected to fluctuate between 350 - 450 yuan/ton. The MEG supply is abundant, and there is an expectation of inventory accumulation, so it is recommended to hold out - of - the - money call options with a strike price not lower than 4100 and conduct a high - level reverse arbitrage for EG1 - 5. The caustic soda price is under pressure due to general downstream acceptance and weak spot trading, with a bearish view. The PVC market's supply - demand contradiction has not improved, and the disk is weakening, so it is recommended to short on rebounds. The benzene market has a relatively loose supply - demand situation, low valuation, and limited price drivers, so BZ2603 should follow the oil price and be shorted on highs. The styrene market is expected to be in a tight balance, and attention should be paid to the device shutdown situation. The EB12 price should be shorted on rebounds. The LLDPE trading is okay, and the East China basis is strengthening, so attention should be paid to the inventory depletion inflection point. The PP trading has improved, and the basis is maintained, so it is recommended to wait and see. The methanol port basis is strengthening, and the trading is okay, so attention should be paid to the positive spread arbitrage opportunity between March and May. The synthetic rubber market is expected to be weak in oscillation, so it is recommended to short BR2601 on highs [2]. - In the agricultural product market, due to the State Council's decision on US tariffs, the internal and external markets have risen in tandem, and it is recommended to hold long positions in M2601 and RM601 cautiously. The pig market has a loose supply - demand situation, and the pig price is oscillating weakly, so it is recommended to hold a 3 - 7 reverse arbitrage. The corn market still has supply pressure, and the disk rebound is limited, so attention should be paid to the pressure around 2160. The palm oil market has production growth according to MPOA, and the palm oil price is maintaining a weak operation, with the main contract possibly testing the support at 8500 yuan. The sugar market has a loose overseas supply, and the raw sugar price has dropped significantly, so a bearish trading strategy is recommended. The cotton market's new cotton cost is gradually fixed, and the price is oscillating between 13500 - 13800. The egg market is short - term strong but still has a loose supply, so attention should be paid to the inter - month reverse arbitrage opportunity. The apple market's Shandong ground fruit price has declined, and the price is expected to adjust in the short term, with attention paid to the support at 8800 yuan. The jujube market's spot price has weakened, and the disk is oscillating weakly. The pure film market has a continuous surplus pattern, and the disk is under pressure and weakening, so a bearish view is maintained. The glass market's production line changes affect the disk, and attention should be paid to the continuous performance of spot sales, so attention should be paid to the spot side to capture short - term long opportunities. The rubber market has generally falling commodity prices, and the rubber price is continuing to weaken, so it is recommended to wait and see. The industrial silicon market is expected to rebound due to supply contraction, with the price oscillating between 8500 - 9500. The polysilicon market has stable spot prices, falling silicon wafers, and a rising futures premium, with the price oscillating between 50000 - 58000. The lithium carbonate market's disk is maintaining a weak oscillation, and the trading logic has changed, with a weak adjustment and the main contract reference range of 78,000 - 82,000 yuan [2]. Summaries by Relevant Catalogs Stock Index Futures - IF2512, IH2512, IC2512, IM2512: The market has a slight correction after reaching a high and fulfilling expectations, with volatility decreasing and waiting for stabilization. The A - share market shows strong resilience and a phased rebound. After the quarterly reports, the market is in a repricing adjustment, with cold trading sentiment and an unclear direction. It is recommended to wait and see [2]. Treasury Bond Futures - T2512, TF2512, TS2512, TL2512: The overall market sentiment has improved. The bond interest rate fluctuation range is expected to decline. The short - term fluctuation range of the 10 - year treasury bond active bond 250016.IB may be between 1.75% - 1.8%. The capital supply is loosening, and treasury bond futures are fluctuating narrowly. The restart of the central bank's treasury bond trading strengthens the interest rate ceiling and the bottom of treasury bond futures. For the unilateral strategy, it is recommended to go long on dips; for the cash - and - carry strategy, due to the rising IRR, positive arbitrage opportunities can be considered [2]. Precious Metals - AU2512, AG2512: The short - term international gold price has stabilized at $3900 and is mainly in a sideways consolidation trend, with an operating range of $3900 - $4030. Silver follows the gold price and fluctuates between $47 - $49 [2]. Shipping Index - EC2512: The container shipping index (European line) EC main contract is oscillating upward. It is recommended to go long on dips for the December contract [2]. Black Metals - RB2601: The iron element supply for the January contract is abundant. It is advisable to hold a long position in coking coal and a short position in hot - rolled coils [2]. - I2601: With shipping volume declining, arrivals increasing, port inventory rising, and pig iron production dropping significantly, the iron ore price has retreated after a surge. It is recommended to wait and see for the unilateral strategy, with a reference range of 760 - 810, and an arbitrage strategy of long coking coal and short iron ore [2]. - JM2601: The local coal price is strong, and the Mongolian coal price is firm. Although steel mills' production cuts are negative for restocking demand, it is recommended to go long on dips for the January 2601 contract, with a reference range of 1200 - 1350, and an arbitrage strategy of long coking coal and short coke [2]. - J2601: With the third round of price increases by mainstream coke enterprises implemented and coking coal providing cost support, it is recommended to go long on dips for the January 2601 contract, with a reference range of 1700 - 1850, and an arbitrage strategy of long coking coal and short coke [2]. Non - ferrous Metals - CU2512: The strong US dollar index suppresses the copper price. The main contract should pay attention to the support level around 84000 and the resistance level around 86500 [2]. - AO2601: The aluminum price is restricted by fundamentals and has retreated after a surge. The main contract reference range is 20800 - 21600 [2]. - AL2512: The aluminum alloy price has weak spot trading at high prices and continuous tight raw material supply, with a main contract reference range of 20400 - 21000 [2]. - ZN2512: The zinc price is oscillating at a high level due to concerns about the LME zinc squeeze, with a main contract reference range of 22300 - 23000 [2]. - SN2512: The tin price has declined due to macro negative factors, and it is recommended to hold existing long positions and go long on dips [2]. - NI2512: The nickel price has little fundamental change and is under macro pressure, maintaining a weak oscillation, with a main contract reference range of 118000 - 124000 [2]. - SS2512: The stainless steel price is maintaining a weak operation, with the macro driving force weakening and fundamentals still under pressure, and the main contract reference range is 12500 - 13000 [2]. Chemicals - PX2601: The PX rebound space is limited due to weak supply - demand expectations and limited cost support. It is recommended to reduce long positions above 6600 and try to narrow the PX - SC spread [2]. - TA2601: The PTA rebound space is limited for similar reasons. It is recommended to reduce long positions above 4600 and treat the TA1 - 5 spread as a rolling reverse arbitrage [2]. - PF2512: The short - fiber price is under pressure to rebound due to limited cost support, with a similar strategy to PTA, and the disk processing fee is expected to oscillate between 800 - 1100, and it is advisable to narrow the spread on highs [2]. - PR2601: The bottle - chip supply - demand pattern remains loose in November, and its price and processing fee follow the cost side. The strategy is similar to PTA, and the main contract disk processing fee is expected to fluctuate between 350 - 450 yuan/ton [2]. - EG2601: The MEG supply is abundant, and there is an expectation of inventory accumulation, so it is recommended to hold out - of - the - money call options with a strike price not lower than 4100 and conduct a high - level reverse arbitrage for EG1 - 5 [2]. - SH2601: The caustic soda price is under pressure due to general downstream acceptance and weak spot trading, with a bearish view [2]. - V2601: The PVC market's supply - demand contradiction has not improved, and the disk is weakening, so it is recommended to short on rebounds [2]. - BZ2603: The benzene market has a relatively loose supply - demand situation, low valuation, and limited price drivers, so BZ2603 should follow the oil price and be shorted on highs [2]. - EB2511: The styrene market is expected to be in a tight balance, and attention should be paid to the device shutdown situation. The EB12 price should be shorted on rebounds [2]. - L2601: The LLDPE trading is okay, and the East China basis is strengthening, so attention should be paid to the inventory depletion inflection point [2]. - PP2601: The PP trading has improved, and the basis is maintained, so it is recommended to wait and see [2]. - MA2601: The methanol port basis is strengthening, and the trading is okay, so attention should be paid to the positive spread arbitrage opportunity between March and May [2]. - BR2512: The synthetic rubber market is expected to be weak in oscillation, so it is recommended to short BR2601 on highs [2]. Agricultural Products - M2601, RM601: Due to the State Council's decision on US tariffs, the internal and external markets have risen in tandem, and it is recommended to hold long positions cautiously [2]. - LH2601: The pig market has a loose supply - demand situation, and the pig price is oscillating weakly, so it is recommended to hold a 3 - 7 reverse arbitrage [2]. - C2601: The corn market still has supply pressure, and the disk rebound is limited, so attention should be paid to the pressure around 2160 [2]. - P2601, Y2601: The palm oil market has production growth according to MPOA, and the palm oil price is maintaining a weak operation, with the main contract possibly testing the support at 8500 yuan [2]. - SR2601: The sugar market has a loose overseas supply, and the raw sugar price has dropped significantly, so a bearish trading strategy is recommended [2]. - CF2601: The cotton market's new cotton cost is gradually fixed, and the price is oscillating between 13500 - 13800 [2]. - JD2512: The egg market is short - term strong but still has a loose supply, so attention should be paid to the inter - month reverse arbitrage opportunity [2]. - AP2601: The apple market's Shandong ground fruit price has declined, and the price is expected to adjust in the short term, with attention paid to the support at 8800 yuan [2]. - CJ2601: The jujube market's spot price has weakened, and the disk is oscillating weakly [2]. - SA2601: The pure film market has a continuous surplus pattern, and the disk is under pressure and weakening, so a bearish view is maintained [2]. - FG2601: The glass market's production line changes affect the disk, and attention should be paid to the continuous performance of spot sales, so attention should be paid to the spot side to capture short - term long opportunities [2]. - RU2601: The rubber market has generally falling commodity prices, and the rubber price is continuing to weaken, so it is recommended to wait and see [2]. New Energy - Si2601: The industrial silicon market is expected to rebound due to supply contraction, with the price oscillating between 8500 - 9500 [2].